ARBUSDT wants the breakout ?ARBUSDT wants the breakout ?
Flag Breakout: ARBUSDT has experienced a clear breakout from a flag pattern. A flag is a continuation pattern that resembles a rectangle or parallelogram and forms after a strong price movement. A breakout from a flag often indicates a potential continuation of the prior trend.
Testing 0.618 Fibonacci Level: The price is currently testing the 0.618 Fibonacci retracement level. The 0.618 level is derived from the Fibonacci sequence and is a key level in technical analysis. It's often used to identify potential retracement levels during price corrections.
Resistance Flip: You've indicated that if the price manages to flip the resistance at the current level, you are considering a new long position according to your trading rules. Flipping a resistance level to support is a common technical pattern, where a former resistance level, once broken, becomes a potential support level for future price movements.
New Long Position: As per your analysis, a new long position would involve buying ARBUSDT with the expectation that its price will rise. This aligns with the potential bullish momentum indicated by the flag breakout and the potential support flip at the 0.618 Fibonacci level.
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Keep in mind.
🟣 Purple structure -> Monthly structure.
🔴 Red structure -> Weekly structure.
🔵 Blue structure -> Daily structure.
🟡 Yellow structure -> 4h structure.
⚫️ Black structure -> <= 1h structure.
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